1.2.4 Basic Quiz -- Charitable Deductions

The Tax Code provides an unlimited gift tax deduction for gifts to qualified charities.

True False

A gift to the United States government is a deductible contribution for gift tax purposes.

True False

There is an unlimited gift tax deduction for gifts to private foundations.

True False

As a general rule, gifts of partial interests in property do not qualify for a gift tax deduction.

True False

A charitable lead trust (CLT) for family is an example of a partial interest gift that is deductible on a donor's gift tax return.

True False

A gift of a remainder interest in a personal residence or farm is an example of a partial interest gift that is not deductible on a donor's gift tax return.

True False

Donors who wish to give only a partial interest in their property to charity (as opposed to their entire interest) risk receiving no charitable deduction whatsoever.

True False

A donor's gift of land but not the underlying mineral rights is an example of a nondeductible partial interest gift.

True False

A gift of an undivided 25% interest in real property is a nondeductible partial interest gift.

True False

A gift of an irrevocable conservation easement in real property is an example of a partial interest gift that is not deductible on a donor's gift tax return.